Crude oil price steady after drop on US downgrade as supply concerns support

Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as the U.S. government’s credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Ratings agency Fitch downgraded the long-term foreign currency ratings of the U.S., the world’s biggest oil consumer, reflecting expected fiscal deterioration, political polarisation and the international status of the U.S. dollar.